Gold Fields upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Gold Fields to Equal Weight from Underweight with a price target of ZAR 245, up from ZAR 215. Gold Fields has underperformed both local and global peers and the gold price over a range of time periods, notes the analyst, who believes the ramp up of the Salares project post commissioning in April and sequential operational improvement off a “weak” Q1 base should support EBITDA growth.